Lira Loses 5% of Value in a Single Day amid Erdoğan's 'Economic War of Independence' | DW News

Jan 3, 2022 • Turkey’s annual inflation rate jumped to more than 36% in December. That's the highest level in almost two decades. The value of the Turkish lira has slumped to record lows, forcing retailers to hike prices sharply. The currency has suffered as a result of a series of central bank rate cuts, forced through by President Recep Tayyip Erdoğan'.